Is It Too Late to Buy Terra? LUNA Price Sees 32% Increase in 30 Days as This Latest Meme Coin Shoots Toward $3 Million

Last updated: December 11, 2023 01:13 EST
. 4 min read

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Luna price — LUNA price is still in an uptrend as a new meme coin gains interest. *Image by naito29, Adobe Stock.*

As the new week started, the cryptocurrency market entered a phase of volatility and bearish trends.

Most major cryptocurrencies, including Bitcoin (BTC) and Ethereum (ETH), are experiencing a downturn.

BTC has seen a 4.48% decrease in the last 24 hours, trading at approximately $41,970.73, while ETH has dropped by 5.43%, currently priced around $2,225.29.

Despite this overall decline, the market sentiment for Bitcoin is neutral, with the Fear & Greed Index reflecting a state of ‘Extreme Greed’ among investors.

This backdrop of mixed optimism and volatility has set the stage for a closer look at Terra (LUNA), which had a relatively profitable run so far.

LUNA is currently presenting a mixed picture in terms of its trading dynamics. The current price of LUNA is $0.9883, hovering just below the $1 mark. Despite a recent 7.16% decline in its 24-hour price, Terra has shown a 32% increase over the last 30 days.

With a market capitalization of approximately $594.6 million, LUNA ranks 89th in the market, indicating a moderate position in the broader crypto landscape. The 24-hour trading volume of about $285.2 million reflects substantial investor activity.

LUNA Technical Indicators and Their Implications

The 20-day EMA at $0.8996 and the 50-day EMA at $0.7388 suggest a bullish trend as the short-term average is higher than the long-term average. This indicates an ongoing uptrend, with the current price above both EMAs, reflecting positive investor sentiment.

Today’s MACD reading of 0.0058, lower than yesterday’s 0.0133, suggests a slight decrease in bullish momentum. It is still in positive territory, however, indicating an overall bullish trend.

The current RSI of 56.89, though lower than yesterday’s 63.61, is above the neutral 50 level. This suggests that buying pressure still dominates, albeit with a slight reduction in bullish intensity.

The key Fibonacci levels show potential support and resistance zones. The price is currently hovering near the immediate support level at Fib 0.382 ($0.9636). The next strong support can be found around $0.8608 and $0.7607.

Market Dynamics and Potential LUNA Price Action

The recent negative price changes in both the 24-hour and 7-day frames indicate a short-term corrective phase following a 30-day bullish run.

The substantial trading volume suggests active market participation which can fuel volatility in the short term.

Considering the current technical indicators and market dynamics, Terra (LUNA) shows signs of a bullish trend with caution due to the recent pullback. The key levels to watch are:

The $1.00 psychological resistance mark, and the $1.2919 level, correspond to the 0 Fibonacci retracement level.
The Fibonacci retracement levels at 0.618 ($0.7607) and 0.5 ($0.8621) act as potential support zones. Additional support can be observed at 0.6253 and 0.4793.

Investors should monitor these levels, as a breakout or breakdown could signal the next major move in LUNA’s price. While the bullish indicators suggest potential upward movement, the recent price decline necessitates careful observation for sustained momentum or reversal signs.

Terra (LUNA) presents a cautiously optimistic outlook, with technical indicators leaning towards a bullish trend. The immediate resistance levels and recent price declines suggest vigilance in monitoring key levels for clearer directional cues. Investors should balance technical analysis with broader market news to inform their decisions.

LUNA’s technicals still favor the bulls, but overhead resistance could stall its rise. A convincing move above $1 would open the path to further gains, while rejection risks a pullback to support levels.

Traders should watch how LUNA behaves around the $1 level. Breaking past it with heavy volume could see LUNA extend its uptrend.

And while Terra’s LUNA maintains its monthly uptrend, a new meme coin called Meme Kombat has begun gaining traction and could capture investor attention as the next potential meme coin.

Visit Meme Kombat Here

Breaking into the Play to Earn Gaming Niche

Unlike traditional video games where players earn cosmetic rewards, Meme Kombat offers financial incentives through its native MK token. Players can stake and bet their tokens to win more from other users or against the game itself. This earning model has piqued the interest of the crypto community.

What sets Meme Kombat apart is its use of popular meme coin mascots as playable fighters. The initial roster contains 11 characters like Doge and Shiba Inu, each with special abilities. Users bet on match outcomes between these meme coin fighters, powered by an AI system that calculates strengths, weaknesses, and probabilities.

The development team has shared plans to expand the roster over time. Adding new beloved meme coins could continually attract their respective communities to try Meme Kombat’s betting modes. This growing selection of fighters may organically boost user engagement.

For players, Meme Kombat will offer two primary game modes: PvP battles against other users and PvGame battles against the system. PvP allows direct bets against opponents while PvGame provides calculated odds for users to outguess. Both modes will enable users to formulate betting strategies with their MK tokens.

All battle outcomes and bets will be recorded transparently on the blockchain, ensuring results cannot be altered unfairly. This sense of integrity will likely appeal to players invested in the game’s token-based economy.

Unique Tokenomics and Development Plans

Meme Kombat’s tokenomics also set it apart with 50% of the total 120 million MK supply reserved for presale, providing capital for development while allowing committed early adopters to acquire tokens. Another 30% will go toward staking and betting rewards, encouraging participation.

The developers have shared a seasonal roadmap, starting with core features at launch and expanding over time. Plans for new modes, characters, and community events seek to continually engage users.

With play-to-earn gaining interest across Web3, Meme Kombat represents a new crypto-native gaming model. Its token economy, the roster of meme coin fighters, and seasonal roadmap provide distinctive value. Meme Kombat shows strong potential to become a popular new option in the expanding P2E genre. Its current momentum could indicate this meme coin-themed game will be the next to find success.

Visit Meme Kombat Here